Recognised in the statement of profit or loss:
|
x € 1 million |
2024 |
2023 |
||
|
Current tax income (current tax expense) |
||||
|
Current financial year |
-24.8 |
-14.6 |
||
|
-24.8 |
-14.6 |
|||
|
Deferred tax income (deferred tax expense) |
||||
|
Relating to temporary differences |
6.7 |
0.9 |
||
|
Prior financial years |
-0.1 |
-0.2 |
||
|
Relating to tax loss carryforwards |
-8.8 |
-8.5 |
||
|
Effect of recognising previously unrecognised losses |
0.0 |
1.0 |
||
|
-2.2 |
-6.8 |
|||
|
Total tax expense in the statement of profit or loss |
-27.0 |
-21.4 |
||
The tax charges per country are as follows:
|
x € 1 million |
2024 |
2023 |
|
Netherlands |
-27.0 |
-21.4 |
|
-27.0 |
-21.4 |
Analysis of the effective tax rate:
|
x € 1 million |
2024 |
2023 |
||
|
% |
€ |
% |
€ |
|
|
Result before tax |
117.0 |
81.1 |
||
|
Based on local tax rate |
25.8% |
-30.2 |
25.8% |
-20.9 |
|
Non-deductible expenses |
0.9% |
-1.0 |
2.1% |
-1.7 |
|
Tax exempt Investee results |
-3.7% |
4.3 |
0.1% |
-0.1 |
|
Losses not recognised in current financial year and other deferred tax assets and the reversals thereof |
0.2% |
-0.2 |
0.1% |
0.0 |
|
Prior-year adjustment |
0.1% |
-0.1 |
0.3% |
-0.3 |
|
Effect of recognising previously unrecognised losses |
0.0% |
- |
-1.2% |
1.0 |
|
Effect of miscellaneous items |
-0.2% |
0.2 |
-0.8% |
0.6 |
|
Overall tax burden |
23.1% |
-27.0 |
26.4% |
-21.4 |
The effective tax rate for 2024 was 23.1% (2023: 26.4%).
The main differences between the effective tax rate and the local tax rate in the Netherlands are related to the effect of tax-exempt results from investees. The other differences are related to non-deductible transaction costs related to the Van Gisbergen share transaction, the general restrictions on the deductibility of expenses, unrecognised tax losses in the financial year under review and the deduction for environmental investments.
The Group falls within the scope of the OECD Pillar Two regulations. These regulations came into force on 1 January 2024 in the Netherlands, Belgium and Germany, where the Group has legal entities. According to the legislation in these countries, the Group is obliged to pay an additional tax for the difference between the GloBE effective tax rate for each jurisdiction and the minimum rate of 15%. The Group’s effective tax rate is higher than 15% in all jurisdictions or an exemption applies, so that no additional tax needs to be paid. The Group has applied the mandatory exemption not to recognise deferred taxes relating to Pillar Two income taxes. The Group recognises pillar two income taxes in the reporting period in which they are payable or recoverable.